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Why Auction
Auctions are an event that many people enjoy, and the public has a very favorable opinion of auctioneers. Live public auctions are fun and bring out the competitive spirit of the bidders ensuring sellers get true market value - what the highest bidder is willing to pay. Our advertising and creative marketing at Whitetail Properties Land Auctions gets the right buyers there so you can rest assured you will get top dollar for your sale.
By selling your assets at auction you
- Create competitive bidding where all buyers see the assets and bid as high as they are willing to pay.
- Assure your assets are advertised correctly to the correct market.
Sellers of Real Estate
- Buyers come to prepared to buy. With real estate auctions they are pre-qualified and you know they have the money to make the purchase.
- You dispose of your property quickly and avoid long term holding costs such as interest, insurance, maintenance and taxes. Auctions are the quickest way to dispose of property and get top dollar.
- Auction marketing is accelerated and intense and happens in a short time frame as opposed to the long term diluted advertising of traditional real estate.
- You sell your property with NO CONTINGECIES. Buyers do not tell you want they want done before they will buy your home, you set the terms and conditions yourself and sell with no contingencies.
- All buyers are pre-qualified the day of the sale and will make a non-refundable 10% deposit the day of the sale.
- You set the date of your sale, you choose the exact day it sales rather than waiting for it to sell.
- An aggressive accelerated marketing campaign assures interest and visibility. Your marketing will be more intense and set you apart from other real estate for sale.
- Competitive bidding forces buyers to pay their top price for the property.
AUCTION EVENT |
TRADITIONAL SALE |
Begins by establishing date, location and terms of sale. |
Begins by establishing an “asking price” and seller must negotiate all aspects of sale. |
The advertising is extensive and very visible, exclusively featuring your property. |
Heavy reliance on MLS, minimal advertising and reliance on other brokers to find buyers. |
Marketing period is accelerated to 60 days or less |
Property may remain on market for months or years |
The property is showcased throughout the entire marketplace and freezes other sales. |
The property is one of many being advertised and shown, just another listing. |
All buyers are forced to act on your time schedule, date, time and place. |
Lacks the ability to motivate buyers, forcing you to wait for their schedule. |
Auction creates a sense of urgency. |
Price reduction commonly used to create buyer interest and activity but many buyers are gone by then. |
No limit on upside potential. Realizes the property’s fair market value. |
Upside potential limited by asking price. |
Eliminates guesswork in determining the asking price of the property. It will sell for market value and seller does not leave “money on the table” |
Seller risks overpricing and thus, property sitting on the market, or under pricing and selling too cheap. |
Presets all conditions of the sale, thus eliminating all negotiations. |
The seller is forced to negotiate all aspects of the sale. Buyer makes offer in their favor, not sellers. |
Buyers compete to own and all offers are presented at the auction. |
Multiple offers at one time are rare. |
Property sold in 60 days and closes in 30 days thus eliminating expensive carrying costs. |
Mortgage payments, taxes, insurance, etc, continue until property is sold. Length of time to sell is unknown. |
Secures a contingent free contract and you do not have to wonder if the buyer can get the money. |
Normally contingent upon buyer’s financing, inspections, appraisals, etc. |
Non-refundable down payment money, all cash closing. Sale not contingent on financing. |
Refundable earnest money, buyer can easily back out |
The most desirable division of property has a dramatic impact on marketability. |
Property is seldom divided, therefore limiting the number of buyers. |
Seller pays cost of advertising expense and preparation of deeds and closing documents. Commission can be paid by buyer or split between buyer and seller. |
Seller pays commission and closing costs are negotiable. |